Elliott Wave Analysis: USDCAD and USDJPY

USDCAD

The pair is in a corrective set-back from 1.3278 that appears to be in final stages of wave 2(c). Another low however may follow in the next few sessions, down to around 1.3040 area where the downside trend can be limited. We think that sooner or later price will turn bullish then, back to 1.3278. A rise and a daily close above the channel resistance line will indicate a complete decline.

USDCAD, 1H

USDJPY

USDJPY is also showing an incomplete corrective decline. We see the price making a complex decline labeled as w)-x)-y) with wave c in y) yet to come. There is a nice swing low at 119.60 from Oct 22nd, where we also see some important Fibo levels that can turn into a support line later this week, so do not be surprised by a bounce from around 119.60-120.00.

USDJPY, 1H

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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